Robert Rivani Of Black Lion Investment Group Acquires Retail Property In Miami Beach For $62.5M
1691 Michigan Avenue
$62,500,000
Building Size
—
Asset Type
Office
Closing
Apr 12, 2024
AI
The retail property located at 1691 Michigan Avenue in Miami Beach was recently sold for $62,500,000. The property spans over 18,658 square feet of interior office space, 43,166 square feet of retail space, and includes a parking area of 318,000 square feet. The transaction took place on April 12, 2024.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $62,500,000
- Buyer: Robert Rivani - Black Lion Investment Group
- Seller: Clarion
- Broker: Jeremy Hakala, Brandon Shores & Clay Sidner - Newmark
The deal involved Robert Rivani from Black Lion Investment Group as the buyer, while Clarion acted as the seller. The transaction was facilitated by brokers Jeremy Hakala, Brandon Shores, and Clay Sidner from Newmark. This sale marks a significant investment in the Miami Beach retail market, indicating confidence in the area's commercial real estate opportunities.
Players
Miami Beach Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93